Zurich Financial to buy-50 per cent stake in Can Soluciones Integrales; completes TEB Sigorta acquisition in Turkey
01 April 2008
London: Zurich Financial Services Group said its subsidiary Zurich Spain has agreed to buy 50 per cent of Can Soluciones Integrales SA from Caja de Ahorros y Monte de Piedad de Navarra, to distribute general insurance products in Spain.
Zurich will pay a purchase price of approximately $71 million initially plus an earn-out component of of up to $63 million depending on the future performance of Can Soluciones.
The Swiss insurance company has been making a string of smaller acquisitions throughout Europe as it seeks to boost revenues amid stalling insurance markets. The acquisition in Spain was the seventh in the last 16 months, Zurich said.
The company also revealed that it had completed 100-per cent acquisition of the Turkish general insurer TEB Sigorta AS from TEB Mali Yatirimlar AS, having received all necessary approvals for the acquisition. TEB Sigorta is one of the fastest growing and most profitable general insurance companies in Turkey with a strong focus on bancassurance.
Zurich Financial Services Group (Zurich) is an insurance-based financial group headquartered in Zurich. Founded in 1872, the Group has a strong global presence with subsidiaries and offices in North America and Europe as well as in Asia Pacific. It employs approximately 60,000 people serving customers in more than 170 countries.